Mooners and Shakers: Crypto Sentiment Falls Back to Extreme Fear; Evmos hovers
As the crypto sentiment dial hits “extreme fear” again, uncertainty reigns for BTC, ETH and others as we wobble towards the end of the week.
At least Evmos (EVMOS) is still on a tear. More on that, further down.
But if you’re a crypto investor listening a little too hard to the noise on Twitter and other areas of social media at the moment, you might not necessarily like extremely scared as the market’s leading sentiment tracker, do you think you are…
… although you may be sitting uncomfortably on the fence about which way things are about to turn…
The case for the bears
First, given the forehead-dabbing sentiment above, here are two of the bearish themes we’re hearing about — as usual with Bitcoin used as a broad, overarching benchmark for the crypto market:
• Low volume price action, one of bearish traders’ favorite “told you so” metrics. This one seems pretty consistent right now. Right, Roman Trading?
$BTC H4
This is not the kind of price action you want to long for.#bitcoin #cryptocurrency #cryptotrading #cryptonews pic.twitter.com/XXABaRVdXM
— Roman (@Roman_Trading) 24 August 2022
• Bitcoin’s Triple MVRV Band. This technical analytical-tastic calculation consists of three moving averages – 10-day, 15-day and 20-day, used to get a sense of the predictive average BTC price based on recent historical data.
If you’re interested, CryptoQuant can walk you through it in more detail, but the TLDR on it is that the indicator is on the verge of crossing over and, somewhat like in Ghostbusters with their crossing streams schtick, that’s not a particularly good sign in the short term.
This event has previously suggested an average decline of 30%, which in this case would plunge BTC well below US$20k again.
But… now for the bulls
• Now, yesterday we actually pointed to those who view the performance of MVRV more generally as a potential bullish/bottom-out signal, placing Bitcoin in a “generational buy zone”. So… it just turns out, it’s all about perspective, really.
Maybe you’re better off putting some random prices on a board, having a couple of drinks and throwing some darts with your less favored hand.
• But those looking for potential upside have also highlighted another indicator which, if you completely ignored macro events (which you really, probably shouldn’t) would also normally indicate a screaming buy. And it, developed by American cryptoanalyst Charles Edwards, is referred to as the Bitcoin Hash Ribbon Buy Signal, which triggered a few days ago.
Hash Ribbon Buy Signal!
The #Bitcoin the miners’ surrender has officially ended today, making it the third longest surrender in history at 71 days.
This capitulation zone was longer than 2021, and only two days shorter than 2018, when the price reached $3.1,000 pic.twitter.com/B3mMhKQPls
— Charles Edwards (@caprioleio) 20 August 2022
NewsBTC.com covers it well here, but the takeaway is… this “hashrate” metric indicates that Bitcoin miners have reached the end of their capitulation sell-off phase, which likely contributed hugely to the asset’s recent price dumps and extended suppression.
Looks like markets are more eager to break up (crypto) than down.
Consolidation is happening, while some #altcoins already breaking upward out of that construction.
— Michaël van de Poppe (@CryptoMichNL) 24 August 2022
On some daily price actions…
Top 10 overview
With the total crypto market cap at $1.08 trillion and up approx. 0.4% since yesterday, here is the current situation among the top 10 tokens – according to CoinGecko.
Again, the majors seem in a holding pattern right now. It’s almost as if everyone is waiting to hear what a well-groomed guy in a suit and tie is going to say on Friday or Saturday in Wyoming, USA’s Jackson Hole.
Wait a minute, here’s something else for BTC price optimists…
Historical panic selling with losses and low profit taking heralded an increase in price for #Bitcoin
Let’s see what happens this time pic.twitter.com/rzvM0YmGps
— whale map (@whale_map) 24 August 2022
And Ethereum fans, don’t forget… “The braid is coming”…
The merger is coming….
Here are the best dashboards to follow the action 🍿
— Dune (@DuneAnalytics) 23 August 2022
Overdraft and downdraft: 11–100
With a market cap of around $8.8 billion to around $459 million in the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on CoinGecko.com data.)
DAILY PUMPS
• Evmos (EVMOS), (market value: USD 751 million) +31%
• Decided (DCR), (mc: USD 510 million) +12%
• Cosmos Hub (ATOM), (mc: USD 3.8 billion) +9%
• Helium (HNT), (mc: USD 905 million) +7%
• Ethereum Classic (ETC), (mc: USD 4.9 billion) +6%
Evmos, the first EVM/Ethereum compatible chain built on Cosmos, is the clear market winner among the top 100 cryptos today.
It has been pumping lately on news of an impending network upgrade that will give it a new transaction fee model inspired by Ethereum’s token-burning EIP-1559.
This will see half of all transaction fees paid to dApp developers that build on Evmos, with the rest going to validators that secure the Evmos blockchain.
🔥 $EVMOS IS DEVELOPING, DAPP BIG IS COMING!
The network will be upgrading to v8.0.0 in 6 days and implementing the 𝐭ー𝐬𝐩𝐥𝐢𝐭 module and 𝐃__𝐩𝐩 𝐒𝐭𝐨𝐫𝐞 – a game changer! 🤯
Everything you need to know in this thread 👇 pic.twitter.com/Q2Ymsj9I1K— Swiss Staking AG (@swiss_staking) 23 August 2022
DAILY SLUMPERS
• Celsius (CEL), (market cap: USD 577 million) -17%
• Chillies (CHZ), (mc: USD 1.3 billion) -3%
• EOS (EOS), (mc: USD 1.72 billion) -3%
• THRONE (TRON), (mc: USD 6 billion) -1%
• Chain (XCN), (mc: USD 1.8 billion) -1%
Around the blocks
An assortment of coincidences and relevance that stuck with us on our morning through the Crypto Twitterverse…
💥BREAKING: #Bitcoin is a leading indicator and may mature towards global security – Bloomberg Intelligence
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) 24 August 2022
The IRS is looking at all my crypto transactions: pic.twitter.com/HSHrZ0Reyb
— theweeknd.eth (@LilMoonLambo) 24 August 2022
Did someone say Stimmiez? You know what this means…
— Arthur Hayes (@CryptoHayes) 24 August 2022
And completely unrelated to any of this… although crypto is sometimes referred to as “magic internet money”…
“Get out of my house.”
DAVID BLAINE fucks HARRISON FORD in his own kitchen.
— Michael Warburton (@MichaelWarbur17) 23 August 2022
